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IRS catch-up guidance a relief to 401(k) sponsors, advisors
Plans now have until 2026 to add Roth accounts that will allow high earners to make catch-up contributions.
Navigating ever-changing tax rules on IRAs
As laws and IRS guidance evolve, it’s crucial for advisors to stay on the leading edge of how inherited IRAs are affected.
EVs, heat pumps and solar panels: What advisors say about new tax credits
The Inflation Reduction Act gives clients many reasons to make their homes more energy-efficient or get an electric vehicle, now or later.
Audits on the rise amid a resurgent IRS
If the IRS thinks a taxpayer owes money, its efforts to collect could include levying bank accounts, placing liens on their home, garnishing their salary, and even refusing to issue a passport.
Nonfungible tokens held in IRAs can trigger big tax hit
If clients are holding NFTs in their individual retirement accounts, review them to see which tokens are acceptable assets and which may be deemed a collectible under IRS guidance.
Incorrect RMD notices may result in distributions that aren’t exactly ‘required’
The problem arose from the passage of the SECURE 2.0 Act late last year, which didn’t give financial institutions time to update their systems.
8 reasons to consider cash balance plans for business owner clients
Such plans can help clients catch up on retirement saving while offering significant tax benefits.
House votes to repeal funding increase for IRS
The funding fight could be bargaining chip at the center of upcoming debates over raising the debt ceiling and funding the federal government.
RMD quirks that IRA beneficiaries face in ’23
The provisions of the SECURE and CARES Acts, and the related IRS rules, are creating even more confusion about which beneficiaries are subject to RMDs this year.
The IRS answers a crucial penalty question for missed RMDs
The tax collector says there will be no 50% penalty for missed 2021 and 2022 RMDs for beneficiaries subject to the 10-year rule.
Tax ‘advice’ more important than ever
Advisers who help business-owner clients steer clear of possible tax traps in coming years will be performing a service unlikely to be forgotten.
Tax bill would empower IRS to collect hundreds of billions of dollars from wealthy Americans
A much better-funded Internal Revenue Service would be equipped with new auditors and technology to uncover tax avoidance.
Crypto tax cheats likely to get relief as US crackdown hits snag
Firms are supposed to begin tracking data such as customers’ capital gains and losses starting in January.
IRS backlog frustrates advisers, clients
In February, the agency continued to retain 17.6 million tax returns from the 2020 filing season and about 5.9 million pieces of taxpayer correspondence that required manual processing.
Digital asset proposal puts spotlight on crypto taxes
The provision, tucked inside a massive infrastructure bill, would require tax reporting for transactions similar to securities. The measure seeks to ensure that details about digital transactions — such as purchase price, gains and losses — are reported to the IRS.
Beware the sleight of hand in ProPublica’s pitch to tax the wealthy
A sensational report arguing that the wealthy don't pay their fair share of income taxes starts to crumble when percentages are replaced with real money.
Targeting tax cheats
President Joe Biden's plan is designed to boost IRS funding to lower the tax gap and raise $700 billion over 10 years.
IRS: SECURE Act’s 10-year RMD rule is not what you thought
The IRS released its interpretation of the SECURE Act’s rules for post-death payouts on IRAs and surprised everyone — and not in a good way!
Foes of SALT cap threaten Biden tax plan
Three House Democrats say they won't support the tax hikes needed to support the administration's infrastructure proposal unless the plan repeals the cap on state and local tax deductions.
Biden determined to tax rich after windfalls from Covid
There’s rising confidence at the White House that evidence of widening inequality will translate into broad popular support for a tax-the-wealthy strategy.